A similiar-sized merger of two major newspaper chains would likely have been strongly opposed even just 10 to 15 years ago, but the media landscape has changed and the deal puts the company in a much better position to compete against foreign-based digital giants, Godfrey said.

Postmedia chair Rod Phillips said the $316-million deal is still subject to a number of conditions, but the expectation is that the transaction will be completed within the next few weeks.

“This is an exciting day for our company, Postmedia,” Phillips said. “It is also a very exciting day for Canadian media.”

The two companies are not exactly strangers to each other.

Many of the leaders at Postmedia, including Godfrey, served previous stints at Sun Media.

Godfrey sported his “Sun” cufflinks for the press conference, and even wore shoes with a newspaper print motif.

But Godfrey said Postmedia was not just interested in Sun Media newspapers — its digital properties were a big part of the attraction.

The new larger media company will be the strongest newspaper chain in the country — “ready to take on all comers,” Godfrey said.

In a statement, the Competition Bureau said it took five months to review the purchase to ensure that the media environment stayed competitive and strong.

“Given the importance to Canadians of competitive media markets, the bureau conducted an extensive review of this merger,” commissioner John Pecman said. “We found that advertisers and readers continue to value print newspapers, despite the growth of online sources as an alternative. However, our review concluded that there would not be significant anti-competitive effects for readers or advertisers arising from the proposed transaction.”

Postmedia announced last October that it had reached a deal to purchase Quebecor Inc.’s English-language papers and its digital properties, subject to the Competition Bureau’s review.

The sale included major Sun Media outlets such as the Toronto Sun, Ottawa Sun, Winnipeg Sun, Edmonton Sun, Calgary Sun, London Free Press, Canoe, QMI Agency, and 24 Hours in Toronto and Vancouver.

Advertisers will benefit from “one-stop shopping” in a merged chain, Godfrey said.

The company expects to operate two papers in some markets.

“The reality is that the competition in Canadian newspapers isn’t against newspapers any longer,” Godfrey said. “It’s against all news media, especially — and most threateningly — huge foreign-based digital companies, unchallenged Goliaths like Google.”

The addition of Sun Media will provide Postmedia with the scale and scope to compete with the behemoths, he said.

Phillips thanked Godfrey and his team on behalf of the board of directors for their work on the acquisition.

“Of course, we’re not across the finish line yet in terms of this transaction but it’s a very important day, a very good day,” Phillips said.